Santander Bank Polska 2Q 20 - Net profit in line thanks to costs savings
Revenues: NII contracted 11% qoq and remained marginally below expectations with NIM diving to 2.88% from 3.32% in 1Q. Fees (-9% qoq) fared also somewhat weaker; we note qoq declines on almost all main fee categories except brokerage and surprisingly credit commissions (soaring by 27% qoq). Major declines affected the AM business (-26% qoq), FX fees (-14%), insurance (-22%) and accounts/transfers (-8%). The other result came in below our expectations and was driven by the booking of provision against legal risks from FX mortgages in the amount of PLN 63 mn (partially included into consensus, RCBe zero). Otherwise, the FX result had appreciated qoq, while gains from debt instruments were on the 1Q 20 level. The seasonal dividend income from AVIVA has plummeted to PLN 20 mn vs. PLN 99 mn a year ago but was fully in line with our projection.Bank Zachodni is a bank seated in Poland. Co. and its subsidiaries provide a range of banking services for individual and business customers and operate in domestic and interbank foreign markets. Additionally, Co. provides also the following services, including intermediation in trading securities, leasing, factoring, asset/ fund management, insurance services, trading in stock and shares of commercial companies, and brokerage activity. Operational activity of Co. and its subsidiaries has been divided into five segments: Retail Banking, Business and Corporate Banking, Global Banking and Markets, ALM (Assets and Liabilities Management) and Centre, as well as Santander Consumer.
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